Ethereum: USD/ETH (ETH=) Virgil Griffith is Officially Charged, Awaiting Trial

Ethereum: USD/ETH (ETH=) Virgil Griffith is Officially Charged, Awaiting Trial

Ethereum: USD/ETH (ETH=) Virgil Griffith is Officially Charged, Awaiting Trial

Virgil Griffith – the Ethereum research scientist who gave a seminar in North Korea despite lacking permission from the United States government – has been formally indicted and is awaiting trial.

Griffith Is Set to Face Charges

Griffith has been charged with assisting a nuclear state and an enemy of the U.S. in learning about how to utilize blockchain and cryptocurrency against American authorities. He is also facing charges for violating the International Emergency Economic Powers Act.

Griffith’s case came about in early December when it was revealed that he had provided a detailed seminar to North Koreans in early 2019 allegedly regarding how to mine ether and cryptocurrencies and utilize digital assets to undermine U.S. sanctions. The seminar was given as part of the Pyongyang Blockchain and Cryptocurrency Conference.

The U.S. Department of State had denied Griffith the ability to travel to the country for the seminar and warned him that there would be consequences should he go against their decision. Nevertheless, Griffith took a chance and engaged with listeners at the conference. He was later arrested in late November at Los Angeles International Airport (LAX) and has been held by authorities ever since.

At the time of his arrest, U.S. attorney Geoffrey S. Berman explained in a statement:

As alleged, Virgil Griffith provided highly technical information to North Korea, knowing that this information could be used to help North Korea launder money and evade sanctions. In allegedly doing so, Griffith jeopardized the sanctions that both Congress and the President have enacted to place maximum pressure on North Korea’s dangerous regime.

Bail was posted for Griffith at $1 million, and authorities explained that he would be granted bail if his family could secure a $1 million bond. At the time of writing, he has still not been given his freedom. A report explains:

He has not satisfied his bail conditions yet. Still awaiting the approval of his co-signers and the posting of properties as collateral.

Strangely, Griffith has been suspended from the Ethereum Foundation, yet members of the organization are standing by his side, including Vitalik Buterin – the co-creator of the world’s second-largest cryptocurrency by market cap. In a statement last December, Buterin suggested that Griffith hadn’t committed any wrongdoing, and simply provided North Koreans with information that was already common or public knowledge.

He explained:

I don’t thin what Virgil did gave DRPK any kind of real help in doing anything bad. He delivered a presentation based on publicly available info about open-source software. There was no weird hackery or ‘advanced tutoring.’

Awaiting Trial

Either way, Griffith appears to be doing the time for his willingness to defy the U.S. At this moment, a trial date has not been set for the former Ethereum developer.

Despite being an American citizen, the 36-year-old Griffith resides in the nation of Singapore.

Technical Indicators

Overall, the bias in prices is: Sideways.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 159.64.

The projected lower bound is: 137.59.

The projected closing price is: 148.62.

Candlesticks

A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 76.4720. This is not an overbought or oversold reading. The last signal was a sell 6 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 63.30. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 27 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 120.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 1 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 21 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed up 4.370 at 148.600. Volume was 48% below average (neutral) and Bollinger Bands were 12% narrower than normal.

Open     High      Low     Close     Volume___
144.070 150.910 143.360 148.600 31,461
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 141.88 139.12 184.67
Volatility: 41 52 71
Volume: 84,879 67,775 65,897

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX ETH= is currently 19.5% below its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of ETH= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on ETH= and have had this outlook for the last 8 periods.

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